How Magenta Metro Line Will Impact Noida Rental Market
Noida's newest infrastructure marvel, the Metro route between Botanical Garden and Janakpuri, is going to get operational soon. During the initial phase, it will remain operational till Kalkaji Mandir, where it will meet the Violet Line that connects to Badarpur and interiors of Faridabad. In later stages, the route will be extended through important junctions such as Greater Kailash, Panchsheel Park, RK Puram, Hauz Khas, Vasant Vihar till Janakpuri. Out of this, Hauz Khas would remain another interchange station for the Yellow line, connecting Gurgaon with South Delhi. This route is being seen as an effort to decongest the Rajiv Chowk Metro Station, and offer smoother connectivity to the residents of Noida travelling towards Gurgaon on daily basis.
Owing to this upcoming connectivity, the rental market of Noida is expected to get a boost, especially in nearby areas. Here's what the situation is expected to be:
Unending demand from renters
Rental home seekers, who currently reside along the Blue line and have to travel to Gurgaon, would look out to shift close to Botanical Garden. This would include demand from people currently residing in areas such as Sector 49, 50, 51, 52, 70's, Noida City Centre, Mayur Vihar, etc., which have convenient connectivity to the existing Blue line route but would involve three interchanges if they use the Magenta Line to ply towards south Delhi. Other than this, those renters, who preferred to stay in congested colonies of Jasola Vihar and Shaheen Bagh may find Noida more convenient in terms of commute, facilities and neighbourhood. Though the rental cost may differ marginally, the optimum connectivity of Noida to east, central and south Delhi would be a key highlight for renters.
Rise in asking values from landlords
Areas lying close to Botanical Garden such as 42, 43, 44, 45, 46 and Challera would see better demand than before. The areas have a huge inventory available for rental offering but used to less preferred due to lack of basic facilities. Currently, a 2BHK unit in these areas is available here for Rs 12,000-15,000 per month; rents may go up to Rs 18,000-20,000 per month, depending on the location. Paying guest accommodations available in these areas at an affordable cost for Rs 5,000 per head may start charging more as these have been banking on their connectivity to important centres such as Jamia Milia Islamia, Nehru Place, Jasola in first phase and Vasant Vihar, IGI Airport and Greater Kailash by April 2018.
Options for investors
For those looking for earning rental income through their investment, the Magenta Line may serve an exciting opportunity. According to Makaan.com, a 2BHK unit is listed for Rs 30 lakh in Sector 42 while a 3BHK unit is listed at an average cost of Rs 60 lakh in Sector 44. Similarly, a 2BHK independent apartment of 700 sqft is listed for Rs 32 lakh. Most of these are builder-floor options, available in resale.